Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

James is seeking a loan with a simple interest rate of 3% per year. If he wants to borrow $8,000, then how much will he be charged in interest after 4 years?

Sagot :

imhotbutyourenot

Answer:

960

Step-by-step explanation:

I used a calculator but its 3% of $8,000 (which I'm pretty sure is 8,000 divided by 3) x 4 so in that's 240x4 which equals 960. Hope this helps have a good day!

Wallameg000

Answer:

$960

Step-by-step explanation:

Simple interest is interest that goes up the same amount each period. The formula for simple is A=P(1+rt), where is A is the total amount, P is the principal (aka initial amount), r is the rate (in decimal form), and t is the time.

So, to solve we can use the equation, A=8000(1+0.03*4). In this equation A=8960, meaning that in 4 years the total amount owed, including the initial loan, will be $8960. Since the difference between the principal and the total amount is 960, $960 is the amount paid in interest.

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.